Soybean Comment
Soybeans showed a positive rebound to start the week. Old crop contracts registered double digit gains after holding above chart support around $13.50. The market appears to be less concerned about the “bird fly” outbreak in China and its impact on soybean and soybean meal demand. Long term where this market heads will depend on the crop in South America, bird flu in China, economic policies in Europe and Japan, weather and planting in the U.S. Obviously, weather here will impact potential movement of corn to soybeans, that is likely already happening in the Southern regions of the country as the corn planting window is narrowing. November futures are continuing to hold support around $12.25.

Wheat
Cash bid for April at Memphis 717 1/2 to 722 1/2;

Bids to farmers at Local Elevators

688-698;

River Elevators

687-732;

Chicago Futures:

May

up

13 1/2

at

712 1/2

March

up

13 1/4

at

717 1/2

Sept

up

13

at

725 1/4

Dec

up

13

at

738

March

up

11 3/4

at

750

Today's Arkansas LDP rate for wheat is:

0¢

Grain Sorghum
Cash bid for April at Memphis 1069 to 1087;

Bids to farmers at River Elevators

953-988;

Today's Arkansas LDP rate for sorghum is:

0¢

Corn

Cash bid for

April at Memphis
648 1/2 to - - -;

New Crop at Memphis
527 1/4 to 531 1/4;

Bids to farmers at River Elevators

616 to 649

Chicago Futures:

May

up

4 1/2

at

633 1/2

July

up

1 3/4

at

619 1/2

Sept

down

3/4

at

551 1/4

Dec

down

3

at

532

Today's Arkansas LDP rate for corn is:

0¢

Grain Comment
Wheat posted strong gains today. A confirmed purchase of 1 million metric tons of U.S. soft red winter wheat by China was the impetus for the move. Weather concerns are also supportive. Weekly crop ratings for last week showed only 34% of the U.S. crop rated good to excellent, and cold weather could be causing further deterioration. Rumors of China buying wheat were also a plus, but there has been no confirmation yet. July will have tough resistance near $7.40 on a rebound.

Corn was narrowly mixed with the front two contracts higher. New crop was generally 3 to 4 cents lower, but December continues to hold above last week’s low near $5.25. The next chart support is still $5.11. This week’s supply demand report will see adjustments in most categories as a result of the almost 400 million bushel higher stocks last week. Obviously, higher price levels did the job of rationing the smaller and that lead to a dollar or more downward adjustment in old crop price levels.

Cotton & Rice Date: April 08, 2013

Cotton

Spot Price, Grade 41 Staple 34:

Memphis down 141 at
81.88

Greenwood down
141 at 81.88

New York Futures:

May

down

141

at

8538

July

down

131

at

8726

Oct

down

137

at

8656

Dec

down

90

at

8581

March

down

81

at

8582

This week's LDP rate for cotton is

0 cents

The estimate for next week is

0 cents

Cotton Comment
Cotton was sharply lower with both old and new crop contracts declining to new recent lows. May futures closed at the lowest level in a month, while December recovered enough to close above the recent low. It appears weather may be pushing some acres back toward cotton in the southern production regions.

Rice

Long Grain Cash Bid for

April

- - -

to

- - -

NC

1455/cwt

to

- - -

Chicago Futures:

May

up

8 1/2

at

1558

July

up

8 1/2

at

1586

Sept

up

12 1/2

at

1535

Nov

up

13

at

1551 1/2

Jan

up

13

at

1562

Today's Arkansas LDP rate for long grain rice is

0¢

medium grain rice is

0¢

Rice Comment
Rice futures reversed early declines to close a little higher for the day. May reversed a few cents short of a 50% retracement of recent gains. Slow planting conditions in the upper mid-south growing area could become a problem if periodic rain events coupled with colder temperatures continue for much longer. However, it doesn’t take long to catch up, but you do need good conditions at some point.

Cattle & Hogs Date: April 08, 2013

Cattle
As reported by Federal-State Market News, receipts were 2057 head
at sales in Ash Flat, Springdale & Ola.
Compared with last week, feeder steers sold steady to $5 higher .

Steers:

Medium & Large Frame 1

400

to

450 lbs.

188.00

to

- - -

500

to

550 lbs.

168.00

to

- - -

600

to

650 lbs.

149.50

to

- - -

Medium & Large Frame 2

400

to

450 lbs.

178.25

to

- - -

Heifers:

Medium & Large Frame 1

500

to

550 lbs.

146.25

to

- - -

Medium & Large Frame 2

400

to

450 lbs.

140.50

to

- - -

Slaughter Cows, Boners 76.00 to 84.00Light Weight 64.00 to 70.00Bulls, Yield Grade 1
1000 to 2100 lbs. 90.00
to 100.00Midwest Steers were at 128.00
to 128.50Panhandle Steers were at 128.00
to 128.50

Oklahoma City Feeders

Steers

500

to

550 lbs.

168.00

to

175.50

550

to

600 lbs.

146.00

to

157.50

Heifers

450

to

500 lbs.

151.00

to

- - -

500

to

550 lbs.

136.00

to

147.00

Chicago Futures:

Live Cattle:

April

up

22

at

12625

June

up

50

at

12200

Feeders:

April

up

17

at

14275

May

up

45

at

14475

Cattle Comment
Cattle were higher across the board. Friday’s losses were thought to be overdone in light of stronger cash values this morning and some recovery in the stock market.

HogsPeoria: were steady
at 51.50 to

Chicago Futures:

April

up

57

at

8060

May

up

45

at

8735

Hogs Comment
Hogs were a bit higher, but still traded well within Friday’s big range. May hogs are holding just above support at $86.50.